The panel discussion is organized by Institute of International Economic Policy and Department of Tourism. The purpose of the panel session is to analyze monetary policy and fiscal policy within the European Union (EU) from 2007 (the beginning of the global crisis) until 2013, assess of the effectiveness of these policies in mitigating the economic crisis and propose systemic changes aimed at their better coordination and thereby greater efficiency. Economic policy will be analyzed in two areas: monetary policy and fiscal policy. Monetary policy will include the policy conducted by the European Central Bank, as well as central banks outside the euro area.
Fiscal policy is implemented at the EU level (EU budgets) and independently by the governments of all EU countries. The analysis of fiscal policy of selected euro area countries (the so-called peripheral countries of the euro area) will be presented. Independent fiscal policy of these countries has led to the second phase of the economic crisis – the budgetary crisis. Fiscal policy in these countries will be examined in terms of budget revenues and expenditures, and the debt-to-GDP ratio. Fiscal policy at the EU level will be analyzed in three areas: agricultural policy, cohesion policy and competitiveness policy. As part of the EU cohesion policy the following four policies will be analyzed: regional policy, energy policy, transport policy, urban policy and tourism problems.
The innovative nature of the project lies in the fact that in individual studies we will concentrate on those problems and economic phenomena occurring in the European Union since the beginning of the global economic crisis which often cannot be fully explained using the existing economic theory. We will discuss a thorough analysis of these phenomena and draw new conclusions and proposals for economic theory explaining the situation in the economy of the European Union and the global economy.